Credit Cards For Those With Bad Credit

People with bad credit have the fewest options for credit cards. That's because few credit card issuers want to take the risk of loaning a credit card they might not get paid for. Though it may be harder, you can get a credit card with bad credit.

Credit Cards for Those With Bad Credit

There are some credit cards aimed specifically at people who have bad credit. For example, the Capital One Classic Platinum approves applicants with credit scores as low as 577 according to CreditKarma.com. The card has a 19.8% regular APR and $39 annual fee. You may be able to get the annual fee waived if you ask.

Orchard Bank also offers credit cards to borrowers with poor credit scores. When you apply, the bank checks your credit history to decide whether you give you a secured or unsecured credit card. This initial check is a soft pull and doesn't hurt your credit score. Reviewers with credit scores as low as 550 have been approved for the unsecured version of this credit card which has a regular APR between 14.9% and 28.9%. The Orchard Bank credit card does come with an annual fee and upfront processing fee that vary based on your credit history.

Retail stores have a reputation for approving applicants who have bad credit. You have a better chance getting approved for a limited purpose credit card that can only be used at that store rather than a credit card backed by Visa or MasterCard.

Secured Credit Cards

Too many borrowers dismiss secured credit cards because the cards require a security deposit to be made against the credit limit. A secured credit card that reports to the major bureaus is better than having no credit card at all. Many secured credit cards can be converted to unsecured credit cards after a year of on-time payments.

If it's the security deposit that's keeping you from getting a secured credit card, start putting $50 in a savings account each month. In six months, you'll have $300 to put toward a credit secured credit card. Some of the money can be used to take care of the application fee and the rest can be put toward your credit card balance. Yes, you'll have a low credit limit starting out, but that's true of unsecured credit cards for bad credit, too.

What to Watch Out For

Beware of fee harvester, or subprime credit cards, that charge high upfront fees which take up up most of your credit limit. Though Federal law limits the amount of fees to 25% of the credit limit, at least one subprime credit card issuer has gotten around the law by assessing a $90 fee before the credit card is ever issued. The First Premier Bank Gold MasterCard is an example of a credit card to stay away from.

Prepaid cards are often advertised as an option for people with bad credit, but these aren't really credit cards. Prepaid cards require you to make a deposit before you can use it to make purchases. But unlike secured credit cards, your prepaid card purchases are deducted from your balance. Prepaid cards don't improve your credit either, because they don't report to the major credit bureaus. (They can't since they're not a credit product.)

Credit Cards For Bad Credit Instant Decision

Credit Cards For Bad Credit Instant Decision. In today's world, everyone is in a hurry. I know that many people want a decision now. They don't want to wait for 2-4 weeks to see if they are approved for a credit card, a job, or whatever it may be. I guess this is just what society has come down to.

When you're looking to find an instant decision credit card, I wanted to give you some pointers on how you can find a card that will work for you and how you can find it. I will also point out what kind of credit score you're going to need to have, in order to get approved.

Where can I find an instant approval credit card?

In today's economic climate, many banks are pretty picky on who they pick. Unless you meet a certain criteria, there's going to be a good chance that you're not going to be approved. You're going to want to look at either the banks that you like, or do a quick search online.

What you're going to want to look out for is if the bank states that they offer an instant decision. They will advertise this because they know people want a decision now. If it doesn't state that, you may want to move onto a whole another card, because it may not work for you.

What am I going to need to get approved?

- A good credit score: You're going ot need a score of at least 750+ to stand a good chance. Sure, you can have a lower score, but the lower you go, the less likely you are going to be approved.

-A good credit history: You can have a good score and have next to no credit history. If you're 21 with a credit score of 750+, you will probably will have to wait. Credit card companies love those with a great history and it may have to be 10 years+ before they make their decision.
Don't just apply for a card because you're going to get approved right away. You may find that you can wait a few days to get a decision and you're going to get a better card.

You will want to find a card that's going to work for you in terms of rewards and more. Most instant approval cards may not offer this. You will want to keep this in mind if you're looking for something in particular.

Thank you for reading & good luck!

Credit Cards For Bad Credit

Credit Cards For Bad Credit Information. If you're the kind of person who has a bad credit rating, finding someone to give you credit can be tough. True, there are certain types of loans (called Bad Credit Loans) out there, but a loan is often seen as a 'big deal' - if it's only small purchases or spending you want to cover, credit cards can certainly seem like an easier option. Thankfully, there are a number of credit cards for bad credit holders available that could not only provide the credit you're after, but even help improve your bad credit rating if used properly.

While most companies have restrictions on who they give credit cards too, three companies - Capital One, Vanquis and Aqua - offer special credit cards for bad credit holders. The good news is that providing you've not been registered bankrupt in the last 12 months, are on the electoral roll and have some form of good credit in your history, you could be approved for one of these cards relatively easily. All three companies have extensive experience working with people who have a bad credit rating, so it's likely that could help you if you're need of some quick and simple credit.

Not surprisingly though, such credit cards come with a few catches. As already mentioned, there are criteria that need to be met before you can consider applying and sometimes, it's things like not having a permanent address or not being on the electoral roll that can be responsible for a poor credit history forming in the first place. More importantly, however, is the interest rate tied to these cards - clocking in at between 35 and 40%, they're substantially more expensive than more traditional cards which can potentially create more problems than solutions in terms of debt. That said, the credit limits on such credit cards are often restricted to between £150 and £1,000, making it difficult for you to go overboard with spending and get into trouble further down the line.

As well as being a good source of quick cash for people with bad credit though, these credit cards can actually help repair a bad credit rating if used responsibly - regular payments can raise your credit rating and leave you with more options to get credit elsewhere. What's more, the card providers often lower the interest rate and raise the spending limit if you can show responsible use of the card, so there's the option for it to be a long-term source of credit rather than just a quick fix.

In Summary, Credit cards for bad credit:

• Are offered by a select number of lenders
• Have higher rates of interest than regular credit cards
• Tend to have lower credit limits initially
• Have restrictions on the types of applicants they accept
• Can have their rates lowered and credit limits raised if you use them responsibly
• Are easy to apply for and can be approved quickly if you fit the criteria

Thank you for reading & good luck!